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Where Taxpayers and Advisers Meet

Bank Account application - resident in the UK for tax purposes

Joined:Mon Oct 29, 2012 5:01 pm
Bank Account application - resident in the UK for tax purposes

Postby skray » Fri Sep 17, 2021 2:10 pm


I open accounts with various banks from time to time for investment purposes - the application form asks confirmation to the effect "I'm only resident in the UK for tax purposes". (I have seen variations - some ask outright if I file tax return in any other country, or if I am a resident of any other country, or citizen of any other country etc - but the answers to these question are not the same for me, but these are easier to answer). Some also allow the question to be answered in the negative in which case please provide list of countries and Tax File Number of each jurisdiction. One bank also offered the option "Don't know". I think the question is related to various compliance acts like CRS.

I file tax return in the UK as a UK Resident. I also file tax return in India as a non-Resident Indian and I have a Tax File Number. I am resident only in the UK and not a dual resident.

The hint accompanying the question "I'm only resident in the UK for tax purposes" varies and sometimes confusing.
e.g. "Each jurisdiction has its own rules for tax residence, and jurisdictions have provided information on how to determine if you are a resident in the jurisdiction" - based on this I can objectively say I'm only resident in the UK for tax purposes" because legally I am a Non-Resident Indian.

But I was checking the hint with Investec "This is referring to the country / countries where you pay taxes or file your tax return.". I pointed out "Filing a tax return in a country" and "tax resident of a country" are two distinct issues, as is possible to file tax a return as a non-resident, resident but not ordinarily resident etc - but the customer service not able to assist further and advising me to contact my tax advisor etc.

I would like to ask if anybody has any knowledge how this question should be answered. If it is compliance related the question can have only one meaning e.g. does having a rental and investment income in a country and filing a tax return in that country necessarily make one a tax resident for the purpose of the question? And what is the consequence of answering this question incorrectly. (My overseas income are all declared in my UK Tax return).


Joined:Fri May 16, 2014 3:47 pm

Re: Bank Account application - resident in the UK for tax purposes

Postby AGoodman » Fri Sep 17, 2021 2:38 pm

No, filing a return for another country because you have income there doesn't make you resident there.

If the question is "I'm only resident in the UK for tax purposes", then it sounds as though your answer is Yes.

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